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DCPD
December 26, 2013
Page - 6 -
Article 7. Payment of Deferred Compensation
7.1 Background
No withdrawal may be made from a Participant
’s Stock Account except as provided in this Article 7 and Article 8.
7.2 Manner of Payment
Payment of a Participant’s Stock Account shall be made in accordance with the distribution election filed by the Participant at the time of such
Participant’s initial election to participate in the Plan. The distribution election shall comply with the following rules:
7.3 Timing
Payment of a Participant’s Stock Account which shall be made (or commence to be made) in the year following the year of such Participant’s
Separation From Service. Payments shall be made in the appointed year, as soon as administratively possible following the fifth business day in
March of such year, provided, however, that payment in the event of death will be made in accordance with Section 7.5 and payment in the
event of a Change in Control shall be made pursuant to Section 8.2.
7.4 Number of Shares
The number of shares of Common Stock for each payment shall be equal to the number of shares credited to the Participant’
s Stock Account as
of the date immediately preceding the date that payment is made, divided by the number of installments remaining to be paid.
A. The Participant may elect payment in a single sum payment or in annual installments; provided, however, that payment in the event
of death shall be made pursuant to Section 7.5 and payment in the event of a Change in Control shall be made pursuant to
Section 8.2. The maximum number of annual installments is ten.
B. Once filed, a distribution election is irrevocable and shall apply to all future contributions to the Plan except as stated in paragraph
C below.
C. If a Participant experiences a Separation From Service and then rejoins the Board, payments of amounts accrued prior to the initial
Separation From Service shall continue unaffected. However, the Participant may file a new distribution election at the time of his
initial deferral election following reelection to the Board, which shall govern payments of amounts contributed.